LOGO

  APRIL 30, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

iShares Trust

 

·  

iShares iBonds Dec 2022 Term Treasury ETF  |  IBTB  |  NASDAQ

·  

iShares iBonds Dec 2023 Term Treasury ETF  |  IBTD  |  NASDAQ

·  

iShares iBonds Dec 2024 Term Treasury ETF  |  IBTE  |  NASDAQ

·  

iShares iBonds Dec 2025 Term Treasury ETF  |  IBTF  |  NASDAQ

·  

iShares iBonds Dec 2026 Term Treasury ETF  |  IBTG  |  NASDAQ

·  

iShares iBonds Dec 2027 Term Treasury ETF  |  IBTH  |  NASDAQ

·  

iShares iBonds Dec 2028 Term Treasury ETF  |  IBTI  |  NASDAQ

·  

iShares iBonds Dec 2029 Term Treasury ETF  |  IBTJ  |  NASDAQ

·  

iShares iBonds Dec 2030 Term Treasury ETF  |  IBTK  |  NASDAQ

·  

iShares iBonds Dec 2031 Term Treasury ETF  |  IBTL  |  NASDAQ

 


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of April 30, 2022
 

 

  6-Month  

 

  12-Month  

   

U.S. large cap equities
(S&P 500® Index)  

(9.65)% 0.21%
   

U.S. small cap equities
(Russell 2000® Index)  

(18.38) (16.87)
   

International equities
(MSCI Europe, Australasia, Far East Index)  

(11.80) (8.15)
   

Emerging market equities
(MSCI Emerging Markets Index)  

(14.15) (18.33)
   

3-month Treasury bills
(ICE BofA 3-Month U.S. Treasury Bill Index)  

0.07 0.08
   

U.S. Treasury securities
(ICE BofA 10-Year U.S. Treasury Index)  

(10.29) (8.86)
   

U.S. investment grade bonds
(Bloomberg U.S. Aggregate Bond Index)  

(9.47) (8.51)
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)  

(7.90) (7.88)
   

U.S. high yield bonds
(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)  

(7.40) (5.22)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

2  

H I S    A G E    I S    N  O T    A R T    O F    O U R    U N D     E P O R T


Table of Contents

 

      Page  

The Markets in Review

     2  

Fund Summary

     4  

About Fund Performance

     14  

Shareholder Expenses

     14  

Schedules of Investments

     15  

Financial Statements

  

Statements of Assets and Liabilities

     25  

Statements of Operations

     28  

Statements of Changes in Net Assets

     31  

Financial Highlights

     36  

Notes to Financial Statements

     46  

Statement Regarding Liquidity Risk Management Program

     53  

Supplemental Information

     54  

General Information

     55  

 

 

 


Fund Summary as of April 30, 2022    iShares® iBonds® Dec 2022 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2022 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2022, as represented by the ICE 2022 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (0.26 )%       (0.29 )%       1.02       (0.29 )%       2.24

Fund Market

    (0.31      (0.27      1.03         (0.27      2.26  

Index

    (0.22      (0.20      1.11               (0.20      2.43  

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2022 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2022 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2022 Maturity US Treasury Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
  Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 997.40        $ 0.35             $ 1,000.00        $ 1,024.40        $ 0.35          0.07

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Ratings*    
Percent of
Net Assets
 
 

Aaa

    97.5

Short-Term and Other Assets

    2.5  

FIVE LARGEST HOLDINGS

 

Security(a)    
Percent of
Net Assets
 
 

U.S. Treasury Note/Bond, 0.13%, 05/31/22

    18.6

U.S. Treasury Note/Bond, 1.75%, 09/30/22

    17.8  

U.S. Treasury Note/Bond, 1.75%, 06/30/22

    12.3  

U.S. Treasury Note/Bond, 2.00%, 10/31/22

    8.6  

U.S. Treasury Note/Bond, 0.13%, 10/31/22

    7.3  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

4  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Fund Summary as of April 30, 2022    iShares® iBonds® Dec 2023 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2023 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2023, as represented by the ICE 2023 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (2.04 )%       (2.34 )%       0.39       (2.34 )%       0.85

Fund Market

    (2.02      (2.24      0.43         (2.24      0.94  

Index

    (2.01      (2.26      0.46               (2.26      1.00  

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2023 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2023 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2023 Maturity US Treasury Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
  Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 979.60        $ 0.34             $ 1,000.00        $ 1,024.40        $ 0.35          0.07

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Ratings*    
Percent of
Net Assets
 
 

Aaa

    97.7

Short-Term and Other Assets

    2.3  

FIVE LARGEST HOLDINGS

 

Security(a)    
Percent of
Net Assets
 
 

U.S. Treasury Note/Bond, 2.50%, 08/15/23

    18.6

U.S. Treasury Note/Bond, 2.75%, 05/31/23

    18.1  

U.S. Treasury Note/Bond, 2.75%, 07/31/23

    12.1  

U.S. Treasury Note/Bond, 2.88%, 11/30/23

    8.5  

U.S. Treasury Note/Bond, 2.38%, 01/31/23

    6.8  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  5


Fund Summary as of April 30, 2022    iShares® iBonds® Dec 2024 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2024 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2024, as represented by the ICE 2024 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (3.96 )%       (4.54 )%       (0.49 )%        (4.54 )%       (1.07 )% 

Fund Market

    (3.94      (4.48      (0.46       (4.48      (1.01

Index

    (3.94      (4.53      (0.45             (4.53      (0.97

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2024 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2024 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2024 Maturity US Treasury Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
  Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 960.40        $ 0.34             $ 1,000.00        $ 1,024.40        $ 0.35          0.07

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Ratings*    
Percent of
Net Assets
 
 

Aaa

    99.3

Short-Term and Other Assets

    0.7  

FIVE LARGEST HOLDINGS

 

Security(a)    
Percent of
Net Assets
 
 

U.S. Treasury Note/Bond, 0.38%, 09/15/24

    19.6

U.S. Treasury Note/Bond, 1.50%, 09/30/24

    17.8  

U.S. Treasury Note/Bond, 2.25%, 04/30/24

    12.1  

U.S. Treasury Note/Bond, 2.50%, 01/31/24

    8.2  

U.S. Treasury Note/Bond, 0.25%, 03/15/24

    7.4  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

6  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Fund Summary as of April 30, 2022    iShares® iBonds® Dec 2025 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2025 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2025, as represented by the ICE 2025 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (5.35 )%       (6.09 )%       (1.39 )%        (6.09 )%       (3.00 )% 

Fund Market

    (5.33      (6.04      (1.36       (6.04      (2.94

Index

    (5.34      (6.10      (1.35             (6.10      (2.91

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2025 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2025 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2025 Maturity US Treasury Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
  Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 1,000.00        $ 0.35             $ 1,000.00        $ 1,024.40        $ 0.35          0.07

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Ratings*    
Percent of
Net Assets
 
 

Aaa

    99.1

Short-Term and Other Assets

    0.9  

FIVE LARGEST HOLDINGS

 

Security(a)    
Percent of
Net Assets
 
 

U.S. Treasury Note/Bond, 2.75%, 06/30/25

    19.0

U.S. Treasury Note/Bond, 2.88%, 07/31/25

    15.7  

U.S. Treasury Note/Bond, 2.63%, 03/31/25

    15.1  

U.S. Treasury Note/Bond, 3.00%, 10/31/25

    11.8  

U.S. Treasury Note/Bond, 0.25%, 05/31/25

    6.7  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  7


Fund Summary as of April 30, 2022    iShares® iBonds® Dec 2026 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2026 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2026, as represented by the ICE 2026 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (6.42 )%       (7.12 )%       (2.01 )%        (7.12 )%       (4.34 )% 

Fund Market

    (6.46      (7.12      (2.00       (7.12      (4.31

Index

    (6.45      (7.16      (2.01             (7.16      (4.32

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2026 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2026 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2026 Maturity US Treasury Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
  Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 935.80        $ 0.34             $ 1,000.00        $ 1,024.40        $ 0.35          0.07

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    99.4

Short-Term and Other Assets

    0.6  

FIVE LARGEST HOLDINGS

 

Security(a)    
Percent of
Net Assets
 
 

U.S. Treasury Note/Bond, 0.88%, 06/30/26

    22.2

U.S. Treasury Note/Bond, 2.38%, 04/30/26

    16.0  

U.S. Treasury Note/Bond, 1.88%, 07/31/26

    14.6  

U.S. Treasury Note/Bond, 2.25%, 03/31/26

    13.7  

U.S. Treasury Note/Bond, 1.63%, 11/30/26

    9.3  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

8  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Fund Summary as of April 30, 2022    iShares® iBonds® Dec 2027 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2027 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2027, as represented by the ICE 2027 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (7.21 )%       (7.52 )%       (2.74 )%        (7.52 )%       (5.87 )% 

Fund Market

    (7.26      (7.52      (2.72       (7.52      (5.85

Index

    (7.23      (7.51      (2.68             (7.51      (5.74

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2027 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2027 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2027 Maturity US Treasury Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
  Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 927.90        $ 0.33             $ 1,000.00        $ 1,024.40        $ 0.35          0.07

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    99.6

Short-Term and Other Assets

    0.4  

FIVE LARGEST HOLDINGS

 

Security(a)   Percent of
Net Assets
 

U.S. Treasury Note/Bond, 2.25%, 08/15/27

    23.3

U.S. Treasury Note/Bond, 0.50%, 08/31/27

    18.8  

U.S. Treasury Note/Bond, 2.25%, 02/15/27

    9.2  

U.S. Treasury Note/Bond, 1.50%, 01/31/27

    9.0  

U.S. Treasury Note/Bond, 1.88%, 02/28/27

    6.6  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  9


Fund Summary as of April 30, 2022     iShares® iBonds® Dec 2028 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2028 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2028, as represented by the ICE 2028 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (7.87 )%       (7.92 )%       (3.20 )%        (7.92 )%       (6.85 )% 

Fund Market

    (7.92      (7.93      (3.21       (7.93      (6.86

Index

    (7.88      (7.92      (3.16             (7.92      (6.75

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2028 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2028 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2028 Maturity US Treasury Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
  Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 921.30        $ 0.33             $ 1,000.00        $ 1,024.40        $ 0.35          0.07

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    99.4

Short-Term and Other Assets

    0.6  

FIVE LARGEST HOLDINGS

 

Security(a)   Percent of
Net Assets
 

U.S. Treasury Note/Bond, 2.88%, 05/15/28

    10.5

U.S. Treasury Note/Bond, 1.13%, 02/29/28

    9.5  

U.S. Treasury Note/Bond, 2.75%, 02/15/28

    8.9  

U.S. Treasury Note/Bond, 2.88%, 08/15/28

    8.8  

U.S. Treasury Note/Bond, 1.13%, 08/31/28

    8.4  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

10  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Fund Summary as of April 30, 2022    iShares® iBonds® Dec 2029 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2029 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2029, as represented by the ICE 2029 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (8.37 )%       (7.89 )%       (3.47 )%        (7.89 )%       (7.41 )% 

Fund Market

    (8.40      (7.88      (3.45       (7.88      (7.37

Index

    (8.38      (7.89      (3.42             (7.89      (7.31

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2029 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2029 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2029 Maturity US Treasury Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
  Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 916.30        $ 0.33             $ 1,000.00        $ 1,024.40        $ 0.35          0.07

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    99.1

Short-Term and Other Assets

    0.9  

FIVE LARGEST HOLDINGS

 

Security(a)   Percent of
Net Assets
 

U.S. Treasury Note/Bond, 2.63%, 02/15/29

    23.4

U.S. Treasury Note/Bond, 2.38%, 05/15/29

    18.3  

U.S. Treasury Note/Bond, 1.75%, 01/31/29

    17.9  

U.S. Treasury Note/Bond, 1.63%, 08/15/29

    14.7  

U.S. Treasury Note/Bond, 1.88%, 02/28/29

    14.1  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  11


Fund Summary as of April 30, 2022    iShares® iBonds® Dec 2030 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2030 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2030, as represented by the ICE 2030 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (9.65 )%       (8.45 )%       (8.86 )%        (8.45 )%       (15.35 )% 

Fund Market

    (9.67      (8.39      (8.82       (8.39      (15.30

Index

    (9.64      (8.41      (8.84             (8.41      (15.31

The inception date of the Fund was 7/14/20. The first day of secondary market trading was 7/16/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2030 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2030 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2030 Maturity US Treasury Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
  Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 903.50        $ 0.33             $ 1,000.00        $ 1,024.40        $ 0.35          0.07

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    99.3

Short-Term and Other Assets

    0.7  

FIVE LARGEST HOLDINGS

 

Security(a)   Percent of
Net Assets
 

U.S. Treasury Note/Bond, 0.88%, 11/15/30

    30.6

U.S. Treasury Note/Bond, 0.63%, 08/15/30

    28.2  

U.S. Treasury Note/Bond, 0.63%, 05/15/30

    23.0  

U.S. Treasury Note/Bond, 1.50%, 02/15/30

    17.4  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

12  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Fund Summary as of April 30, 2022    iShares® iBonds® Dec 2031 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2031 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2031, as represented by the ICE 2031 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

                 Cumulative Total Returns  
     6 Months             Since
Inception
 

Fund NAV

    (10.15 )%         (10.87 )% 

Fund Market

    (10.25        (10.91

Index

    (10.11              (10.82

The inception date of the Fund was 7/13/21. The first day of secondary market trading was 7/15/21.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
  Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 898.50        $ 0.33             $ 1,000.00        $ 1,024.40        $ 0.35          0.07

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Ratings*    
Percent of
Net Assets
 
 

Aaa

    99.4

Short-Term and Other Assets

    0.6  

FIVE LARGEST HOLDINGS

 

Security(a)    
Percent of
Net Assets
 
 

U.S. Treasury Note/Bond, 1.63%, 05/15/31

    27.6

U.S. Treasury Note/Bond, 1.25%, 08/15/31

    25.0  

U.S. Treasury Note/Bond, 1.38%, 11/15/31

    23.5  

U.S. Treasury Note/Bond, 1.13%, 02/15/31

    23.3  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  13


About Fund Performance

 

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

 

 

14  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments (unaudited)

April 30, 2022

  

iShares® iBonds® Dec 2022 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Obligations

   
U.S. Government Obligations — 97.5%            

U.S. Treasury Note/Bond

   

0.13%, 05/31/22

  $   9,644     $ 9,641,710  

0.13%, 06/30/22

    2,412       2,409,479  

0.13%, 07/31/22

    2,091       2,086,834  

0.13%, 08/31/22

    205       204,319  

0.13%, 09/30/22

    668       665,136  

0.13%, 10/31/22

    3,816       3,790,361  

0.13%, 11/30/22

    2,116       2,097,700  

1.38%, 10/15/22

    1,500       1,499,883  

1.63%, 12/15/22

    2,000       2,000,000  

1.75%, 06/30/22

    6,367       6,378,607  

1.75%, 07/15/22

    615       616,129  

1.75%, 09/30/22

    9,225       9,241,216  

1.88%, 09/30/22

    1,809       1,812,798  

2.00%, 10/31/22

    4,434       4,446,325  

2.00%, 11/30/22

    3,750       3,758,442  
   

 

 

 
      50,648,939  
   

 

 

 

Total U.S. Government Obligations — 97.5%
(Cost: $50,791,649)

      50,648,939  
   

 

 

 
Security   Shares
(000)
    Value  

Short-Term Investments

   
Money Market Funds — 8.0%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(b)

    4,145     $ 4,145,000  
   

 

 

 

Total Short-Term Investments — 8.0%
(Cost: $4,145,000)

 

    4,145,000  
 

 

 

 

Total Investments in Securities — 105.5%
(Cost: $54,936,649)

 

    54,793,939  

Other Assets, Less Liabilities — (5.5)%

 

    (2,858,066
 

 

 

 

Net Assets — 100.0%

 

  $   51,935,873  
 

 

 

 

 

(a)

Affiliate of the Fund.

(b)

Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
10/31/21
     Purchases
at Cost
     Proceeds
from Sales
    Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
04/30/22
     Shares
Held at
04/30/22
(000)
     Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Treasury, SL Agency Shares

   $ 8,459,814        $            —      $ (4,314,814 )(a)    $      $      $ 4,145,000        4,145      $ 2,021 (b)    $  
          

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

         
     Level 1      Level 2      Level 3      Total  

Investments

          

Assets

          

U.S. Government Obligations

  $      $ 50,648,939      $             —      $ 50,648,939  

Money Market Funds

    4,145,000                      4,145,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $   4,145,000      $ 50,648,939      $             —      $ 54,793,939  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

C H E D U L E    O F    N V E S T  M E N T S

  15


Schedule of Investments (unaudited)

April 30, 2022

  

iShares® iBonds® Dec 2023 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Obligations

   
U.S. Government Obligations — 97.7%            

U.S. Treasury Note/Bond

   

0.13%, 03/31/23

  $ 2,108     $ 2,071,192  

0.13%, 04/30/23

    4,220       4,135,930  

0.13%, 05/31/23

    2,714       2,653,677  

0.13%, 06/30/23

    4,220       4,114,500  

0.13%, 07/31/23

    3,164       3,076,125  

0.13%, 08/15/23

    862       836,594  

0.13%, 10/15/23

    540       521,905  

0.13%, 12/15/23

    2,349       2,257,426  

0.25%, 04/15/23(a)

    4,220       4,145,820  

0.25%, 11/15/23

    1,954       1,886,160  

2.38%, 01/31/23

    6,424       6,447,889  

2.50%, 08/15/23

      17,670       17,691,397  

2.75%, 05/31/23

    17,100       17,193,516  

2.75%, 07/31/23

    11,400       11,450,320  

2.88%, 10/31/23

    6,226       6,256,157  

2.88%, 11/30/23

    8,018       8,054,834  
   

 

 

 
      92,793,442  
   

 

 

 

Total U.S. Government Obligations — 97.7%
(Cost: $93,947,951)

      92,793,442  
   

 

 

 
Security   Shares
(000)
    Value  

Short-Term Investments

   
Money Market Funds — 5.2%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(b)(c)(d)

    4,967     $ 4,967,393  
   

 

 

 

Total Short-Term Investments — 5.2%
(Cost: $4,967,393)

 

    4,967,393  
 

 

 

 

Total Investments in Securities — 102.9%
(Cost: $98,915,344)

 

    97,760,835  

Other Assets, Less Liabilities — (2.9)%

 

    (2,768,873
 

 

 

 

Net Assets — 100.0%

 

  $   94,991,962  
 

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period end.

(d) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
10/31/21
     Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
04/30/22
    Shares
Held at
04/30/22
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Treasury, SL Agency Shares

   $ 397,000      $ 4,570,393 (a)    $     $     $     $ 4,967,393       4,967     $ 710 (b)    $  
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

         
     Level 1      Level 2      Level 3      Total  

Investments

          

Assets

          

U.S. Government Obligations

  $              —      $ 92,793,442      $             —      $ 92,793,442  

Money Market Funds

    4,967,393                      4,967,393  
 

 

 

    

 

 

    

 

 

    

 

 

 
    $  4,967,393      $92,793,442      $            —      $97,760,835  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

16  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments (unaudited)

April 30, 2022

  

iShares® iBonds® Dec 2024 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Obligations

   
U.S. Government Obligations — 99.3%            

U.S. Treasury Note/Bond

   

0.13%, 01/15/24

  $ 9,908     $ 9,497,452  

0.25%, 03/15/24

      13,581       12,981,282  

0.25%, 06/15/24

    3,933       3,730,525  

0.38%, 04/15/24

    7,678       7,337,793  

0.38%, 07/15/24(a)

    1,010       957,881  

0.38%, 09/15/24

    36,665       34,603,932  

1.00%, 12/15/24

    3,428       3,267,735  

1.50%, 09/30/24

    32,400       31,398,891  

1.50%, 11/30/24

    7,648       7,391,365  

1.75%, 07/31/24

    1,081       1,056,469  

2.00%, 04/30/24

    9,000       8,875,898  

2.13%, 07/31/24

    3,847       3,791,746  

2.25%, 04/30/24

    21,600       21,406,781  

2.25%, 11/15/24

    1,800       1,772,789  

2.38%, 02/29/24

    9,979       9,927,844  

2.38%, 08/15/24

    2,592       2,565,473  

2.50%, 01/31/24

    14,434       14,394,697  
   

 

 

 
      174,958,553  
   

 

 

 

Total U.S. Government Obligations — 99.3%
(Cost: $178,139,697)

      174,958,553  
   

 

 

 
Security   Shares
(000)
    Value  

Short-Term Investments

   
Money Market Funds — 0.6%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(b)(c)(d)

    1,017     $ 1,016,988  
   

 

 

 

Total Short-Term Investments — 0.6%
(Cost: $1,016,988)

 

    1,016,988  
 

 

 

 

Total Investments in Securities — 99.9%
(Cost: $179,156,685)

 

    175,975,541  

Other Assets, Less Liabilities — 0.1%

 

    184,569  
 

 

 

 

Net Assets — 100.0%

 

  $   176,160,110  
 

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period end.

(d) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
10/31/21
     Purchases
at Cost
    Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
04/30/22
     Shares
Held at
04/30/22
(000)
     Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Treasury, SL Agency Shares

   $ 58,000      $ 958,988 (a)    $      $      $      $ 1,016,988        1,017      $ 443 (b)    $  
          

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

         
     Level 1      Level 2      Level 3      Total  

Investments

          

Assets

          

U.S. Government Obligations

  $                —      $ 174,958,553      $             —      $ 174,958,553  

Money Market Funds

    1,016,988                      1,016,988  
 

 

 

    

 

 

    

 

 

    

 

 

 
    $    1,016,988      $174,958,553      $            —      $175,975,541  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

C H E D U L E    O F    N V E S T  M E N T S

  17


Schedule of Investments (unaudited)

April 30, 2022

  

iShares® iBonds® Dec 2025 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Obligations

   
U.S. Government Obligations — 99.1%            

U.S. Treasury Note/Bond

   

0.25%, 05/31/25

  $ 5,250     $ 4,840,254  

0.25%, 06/30/25

    2,211       2,033,223  

0.25%, 08/31/25

    468       428,696  

0.25%, 09/30/25

    1       1,096  

0.25%, 10/31/25

    373       339,430  

0.38%, 04/30/25

    2,105       1,953,703  

0.38%, 11/30/25

    4,989       4,554,308  

1.13%, 01/15/25

    3,684       3,516,684  

1.13%, 02/28/25

    703       669,840  

1.50%, 02/15/25

    3,158       3,040,122  

2.63%, 03/31/25

      10,926       10,843,926  

2.75%, 06/30/25

    13,734       13,666,602  

2.88%, 05/31/25

    1,053       1,051,349  

2.88%, 07/31/25

    11,323       11,306,677  

3.00%, 09/30/25

    4,566       4,575,810  

3.00%, 10/31/25

    8,467       8,487,606  
   

 

 

 
      71,309,326  
   

 

 

 

Total U.S. Government Obligations — 99.1%
(Cost: $74,814,532)

      71,309,326  
   

 

 

 
Security   Shares
(000)
    Value  

Short-Term Investments

   
Money Market Funds — 0.3%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(b)

    230     $ 230,000  
   

 

 

 

Total Short-Term Investments — 0.3%
(Cost: $230,000)

 

    230,000  
 

 

 

 

Total Investments in Securities — 99.4%
(Cost: $75,044,532)

 

    71,539,326  

Other Assets, Less Liabilities — 0.6%

 

    423,678  
 

 

 

 

Net Assets — 100.0%

 

  $   71,963,004  
 

 

 

 

 

(a)

Affiliate of the Fund.

(b)

Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
10/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
04/30/22
    Shares
Held at
04/30/22
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 140,000       $90,000(a)     $     $     $     $ 230,000       230     $ 205 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

         
     Level 1      Level 2      Level 3      Total  

Investments

          

Assets

          

U.S. Government Obligations

  $              —      $ 71,309,326      $             —      $ 71,309,326  

Money Market Funds

    230,000                      230,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
    $    230,000      $71,309,326      $            —      $71,539,326  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

18  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments (unaudited)

April 30, 2022

  

iShares® iBonds® Dec 2026 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Obligations

   
U.S. Government Obligations — 99.4%            

U.S. Treasury Note/Bond

   

0.38%, 01/31/26

  $ 2,262     $ 2,055,860  

0.50%, 02/28/26

    1,856       1,691,369  

0.63%, 07/31/26

    1,240       1,125,081  

0.75%, 04/30/26

    5,290       4,852,702  

0.75%, 05/31/26

    1,686       1,543,583  

0.88%, 06/30/26

      23,094       21,217,429  

0.88%, 09/30/26

    1,686       1,541,607  

1.13%, 10/31/26

    634       585,212  

1.25%, 11/30/26

    6,910       6,410,746  

1.38%, 08/31/26

    1,321       1,236,444  

1.63%, 11/30/26

    9,383       8,850,075  

1.88%, 07/31/26

    14,524       13,906,723  

2.00%, 11/15/26

    1,540       1,476,127  

2.25%, 03/31/26

    13,471       13,121,498  

2.38%, 04/30/26

    15,659       15,323,090  
   

 

 

 
      94,937,546  
   

 

 

 

Total U.S. Government Obligations — 99.4%
(Cost: $98,758,753)

      94,937,546  
   

 

 

 
Security   Shares
(000)
    Value  

Short-Term Investments

   
Money Market Funds — 0.1%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(b)

    110     $ 110,000  
   

 

 

 

Total Short-Term Investments — 0.1%
(Cost: $110,000)

 

    110,000  
 

 

 

 

Total Investments in Securities — 99.5%
(Cost: $98,868,753)

 

    95,047,546  

Other Assets, Less Liabilities — 0.5%

 

    506,299  
 

 

 

 

Net Assets — 100.0%

 

  $   95,553,845  
 

 

 

 

 

(a)

Affiliate of the Fund.

(b)

Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
10/31/21
     Purchases
at Cost
    Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
04/30/22
     Shares
Held at
04/30/22
(000)
     Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Treasury, SL Agency Shares

   $ 30,000      $ 80,000 (a)    $      $      $      $ 110,000        110      $ 252 (b)    $  
          

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

         
     Level 1      Level 2      Level 3      Total  

Investments

          

Assets

          

U.S. Government Obligations

  $              —      $ 94,937,546      $             —      $ 94,937,546  

Money Market Funds

    110,000                      110,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
    $    110,000      $94,937,546      $            —      $95,047,546  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

C H E D U L E    O F    N V E S T  M E N T S

  19


Schedule of Investments (unaudited)

April 30, 2022

  

iShares® iBonds® Dec 2027 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Obligations

   
U.S. Government Obligations — 99.6%            

U.S. Treasury Note/Bond

   

0.38%, 09/30/27

  $   1,200     $ 1,045,781  

0.50%, 04/30/27

    1,500       1,330,195  

0.50%, 05/31/27

    1,954       1,728,869  

0.50%, 08/31/27

    7,437       6,538,459  

0.63%, 03/31/27

    1,380       1,234,561  

0.63%, 11/30/27

    1,053       926,975  

1.50%, 01/31/27

    3,340       3,125,787  

1.88%, 02/28/27

    2,400       2,285,438  

2.25%, 02/15/27

    3,315       3,210,046  

2.25%, 08/15/27

    8,400       8,107,641  

2.25%, 11/15/27

    2,152       2,073,268  

2.38%, 05/15/27

    1,735       1,688,867  

2.50%, 03/31/27

    1,419       1,390,705  
   

 

 

 
      34,686,592  
   

 

 

 

Total U.S. Government Obligations — 99.6%
(Cost: $37,201,790)

      34,686,592  
   

 

 

 
Security   Shares
(000)
    Value  

Short-Term Investments

   
Money Market Funds — 0.0%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(b)

    10     $ 10,000  
   

 

 

 

Total Short-Term Investments — 0.0%
(Cost: $10,000)

 

    10,000  
 

 

 

 

Total Investments in Securities — 99.6%
(Cost: $37,211,790)

 

    34,696,592  

Other Assets, Less Liabilities — 0.4%

 

    138,615  
 

 

 

 

Net Assets — 100.0%

 

  $   34,835,207  
 

 

 

 

 

 

(a)

Affiliate of the Fund.

(b)

Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
10/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
04/30/22
    Shares
Held at
04/30/22
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 70,000     $     $ (60,000 )(a)    $     $     $ 10,000       10     $ 231 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

         
     Level 1      Level 2      Level 3      Total  

Investments

          

Assets

          

U.S. Government Obligations

  $            —      $ 34,686,592      $             —      $ 34,686,592  

Money Market Funds

    10,000                      10,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
    $    10,000      $34,686,592      $            —      $34,696,592  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

20  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments (unaudited)

April 30, 2022

  

iShares® iBonds® Dec 2028 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Obligations

   
U.S. Government Obligations — 99.4%            

U.S. Treasury Note/Bond

   

0.75%, 01/31/28

  $   1,000     $ 883,086  

1.00%, 07/31/28

    1,520       1,349,741  

1.13%, 02/29/28

    1,812       1,635,059  

1.13%, 08/31/28

    1,629       1,455,599  

1.25%, 03/31/28

    889       805,758  

1.25%, 04/30/28

    700       634,129  

1.25%, 06/30/28

    1,540       1,391,083  

1.25%, 09/30/28

    560       503,803  

1.38%, 10/31/28

    1,100       996,531  

1.50%, 11/30/28

    1,565       1,427,757  

2.75%, 02/15/28

    1,561       1,543,210  

2.88%, 05/15/28

    1,822       1,812,434  
Security   Par
(000)
    Value  
U.S. Government Obligations (continued)            

2.88%, 08/15/28

  $   1,535     $ 1,526,505  

3.13%, 11/15/28

    1,186       1,196,631  
   

 

 

 
      17,161,326  
   

 

 

 

Total U.S. Government Obligations — 99.4%
(Cost: $18,987,081)

 

    17,161,326  
 

 

 

 

Total Investments in Securities — 99.4%
(Cost: $18,987,081)

 

    17,161,326  

Other Assets, Less Liabilities — 0.6%

 

    106,532  
 

 

 

 

Net Assets — 100.0%

 

  $   17,267,858  
 

 

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
10/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
04/30/22
    Shares
Held at
04/30/22
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Treasury, SL Agency Shares(a)

  $ 40,000     $     $ (40,000 )(b)    $     $     $           $ 9     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

As of period end, the entity is no longer held.

(b) 

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

         
     Level 1      Level 2      Level 3      Total  

Investments

          

Assets

          

U.S. Government Obligations

  $             —      $ 17,161,326      $             —      $ 17,161,326  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

C H E D U L E    O F    N V E S T  M E N T S

  21


Schedule of Investments (unaudited)

April 30, 2022

  

iShares® iBonds® Dec 2029 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par/
Shares
(000)
    Value  

U.S. Government Obligations

   
U.S. Government Obligations — 99.1%            

U.S. Treasury Note/Bond

   

1.63%, 08/15/29

  $   2,745     $ 2,512,685  

1.75%, 01/31/29

    3,300       3,056,883  

1.75%, 11/15/29

    1,996       1,839,970  

1.88%, 02/28/29

    2,593       2,421,432  

2.38%, 05/15/29

    3,256       3,136,883  

2.63%, 02/15/29

    4,095       4,011,500  
   

 

 

 
      16,979,353  
   

 

 

 

Total U.S. Government Obligations — 99.1% (Cost: $18,729,726)

      16,979,353  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.2%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(b)

    30       30,000  
   

 

 

 

Total Short-Term Investments — 0.2%
(Cost: $30,000)

 

    30,000  
 

 

 

 

Total Investments in Securities — 99.3%
(Cost: $18,759,726)

 

    17,009,353  

Other Assets, Less Liabilities — 0.7%

 

    113,366  
 

 

 

 

Net Assets — 100.0%

 

  $   17,122,719  
 

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
10/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
04/30/22
    Shares
Held at
04/30/22
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 180,000     $     $ (150,000 )(a)    $     $     $ 30,000       30     $ 125 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

         
     Level 1      Level 2      Level 3      Total  

Investments

          

Assets

          

U.S. Government Obligations

  $            —      $ 16,979,353      $             —      $ 16,979,353  

Money Market Funds

    30,000                      30,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
    $    30,000      $16,979,353      $            —      $17,009,353  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

          

 

 

22  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments (unaudited)

April 30, 2022

  

iShares® iBonds® Dec 2030 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par/
Shares
(000)
    Value  

U.S. Government Obligations

   
U.S. Government Obligations — 99.3%            

U.S. Treasury Note/Bond

   

0.63%, 05/15/30

  $   20,988     $ 17,562,275  

0.63%, 08/15/30

    25,842       21,510,603  

0.88%, 11/15/30

    27,616       23,400,245  

1.50%, 02/15/30

    14,746       13,301,443  
   

 

 

 
      75,774,566  
   

 

 

 

Total U.S. Government Obligations — 99.3%
(Cost: $80,426,205)

      75,774,566  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.4%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(b)

    320       320,000  
   

 

 

 

Total Short-Term Investments — 0.4%
(Cost: $320,000)

 

    320,000  
 

 

 

 

Total Investments in Securities — 99.7%
(Cost: $80,746,205)

 

    76,094,566  

Other Assets, Less Liabilities — 0.3%

 

    253,029  
 

 

 

 

Net Assets — 100.0%

 

  $   76,347,595  
 

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
10/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
04/30/22
    Shares
Held at
04/30/22
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 625,040     $     $ (305,040 )(a)    $     $     $ 320,000       320     $ 131 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

         
     Level 1      Level 2      Level 3      Total  

Investments

          

Assets

          

U.S. Government Obligations

  $              —      $ 75,774,566      $             —      $ 75,774,566  

Money Market Funds

    320,000                      320,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
    $    320,000      $75,774,566      $            —      $76,094,566  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

          

 

 

C H E D U L E    O F    N V E S T  M E N T S

  23


Schedule of Investments (unaudited)

April 30, 2022

  

iShares® iBonds® Dec 2031 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
     Value  

U.S. Government Obligations

    
U.S. Government Obligations — 99.4%             

U.S. Treasury Note/Bond

    

1.13%, 02/15/31

  $   1,185      $ 1,022,624  

1.25%, 08/15/31

    1,272        1,101,671  

1.38%, 11/15/31

    1,182        1,031,957  

1.63%, 05/15/31

    1,348        1,211,568  
    

 

 

 
       4,367,820  
    

 

 

 

Total U.S. Government Obligations — 99.4%
(Cost: $4,797,389)

 

     4,367,820  
  

 

 

 

Total Investments in Securities — 99.4%
(Cost: $4,797,389)

 

     4,367,820  

Other Assets, Less Liabilities — 0.6%

 

     28,029  
  

 

 

 

Net Assets — 100.0%

 

   $   4,395,849  
  

 

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
10/31/21
   

Purchases

at Cost

   

Proceeds

from Sales

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

04/30/22

   

Shares

Held at

04/30/22

(000)

    Income    

Capital Gain

Distributions from

Underlying Funds

 

BlackRock Cash Funds: Treasury, SL Agency Shares(a)

  $     $     $ 0 (b)    $     $     $           $ 45 (c)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

As of period end, the entity is no longer held.

(b) 

Represents net amount purchased (sold).

(c) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

         
     Level 1      Level 2      Level 3      Total  

Investments

          

Assets

          

U.S. Government Obligations

  $             —      $ 4,367,820      $             —      $ 4,367,820  
 

 

 

    

 

 

    

 

 

    

 

 

 
                            

See notes to financial statements.

 

 

24  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


 

Statements of Assets and Liabilities (unaudited)

April 30, 2022

 

    

iShares
iBonds Dec

2022
Term Treasury
ETF

   

iShares
iBonds Dec

2023
Term Treasury
ETF

    iShares
iBonds Dec
2024
Term Treasury
ETF
    iShares
iBonds Dec
2025
Term Treasury
ETF
 

ASSETS

       

Investments in securities, at value (including securities on loan)(a):

       

Unaffiliated(b)

  $ 50,648,939     $ 92,793,442     $ 174,958,553     $ 71,309,326  

Affiliated(c)

    4,145,000       4,967,393       1,016,988       230,000  

Cash

    6,371       4,051       6,685       1,365  

Receivables:

       

Investments sold

    2,424,200                    

Securities lending income — Affiliated

    516       224       112       66  

Capital shares sold

    114,601                    

Dividends

    512       367       123       73  

Interest

    156,840       601,125       654,480       426,461  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

    57,496,979       98,366,602       176,636,941       71,967,291  
 

 

 

   

 

 

   

 

 

   

 

 

 

LIABILITIES

       

Collateral on securities loaned, at value

    2,045,000       3,370,393       468,988        

Payables:

       

Investments purchased

    3,513,578                    

Investment advisory fees

    2,528       4,247       7,843       4,287  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

    5,561,106       3,374,640       476,831       4,287  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

  $ 51,935,873     $ 94,991,962     $ 176,160,110     $ 71,963,004  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS CONSIST OF:

       

Paid-in capital

  $ 52,122,600     $ 96,367,799     $ 179,430,516     $ 75,804,312  

Accumulated loss

    (186,727     (1,375,837     (3,270,406     (3,841,308
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

  $ 51,935,873     $ 94,991,962     $ 176,160,110     $ 71,963,004  
 

 

 

   

 

 

   

 

 

   

 

 

 

Shares outstanding

    2,050,000       3,800,000       7,200,000       3,000,000  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value

  $ 25.33     $ 25.00     $ 24.47     $ 23.99  
 

 

 

   

 

 

   

 

 

   

 

 

 

Shares authorized

    Unlimited       Unlimited       Unlimited       Unlimited  
 

 

 

   

 

 

   

 

 

   

 

 

 

Par value

    None       None       None       None  
 

 

 

   

 

 

   

 

 

   

 

 

 

(a) Securities loaned, at value

  $ 1,998,240     $ 3,294,675     $ 457,591     $  

(b) Investments, at cost — Unaffiliated

  $ 50,791,649     $ 93,947,951     $ 178,139,697     $ 74,814,532  

(c)  Investments, at cost — Affiliated

  $ 4,145,000     $ 4,967,393     $ 1,016,988     $ 230,000  

See notes to financial statements.

 

 

I N A N C I A L    T A T E M E N T  S

  25


 

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2022

 

     iShares
iBonds Dec
2026
Term Treasury
ETF
    iShares
iBonds Dec
2027
Term Treasury
ETF
    iShares
iBonds Dec
2028
Term Treasury
ETF
    iShares
iBonds Dec
2029
Term Treasury
ETF
 

ASSETS

       

Investments in securities, at value:

       

Unaffiliated(a)

  $ 94,937,546     $ 34,686,592     $ 17,161,326     $ 16,979,353  

Affiliated(b)

    110,000       10,000             30,000  

Cash

    9,671       3,437       6,291       8,443  

Receivables:

       

Securities lending income — Affiliated

    125       73             54  

Dividends

    26       3             10  

Interest

    500,548       136,974       101,243       105,843  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

    95,557,916       34,837,079       17,268,860       17,123,703  
 

 

 

   

 

 

   

 

 

   

 

 

 

LIABILITIES

       

Payables:

       

Investment advisory fees

    4,071       1,872       1,002       984  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

    4,071       1,872       1,002       984  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

  $ 95,553,845     $ 34,835,207     $ 17,267,858     $ 17,122,719  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS CONSIST OF:

       

Paid-in capital

  $ 99,618,552     $ 37,867,284     $ 19,601,748     $ 19,532,330  

Accumulated loss

    (4,064,707     (3,032,077     (2,333,890     (2,409,611
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

  $ 95,553,845     $ 34,835,207     $ 17,267,858     $ 17,122,719  
 

 

 

   

 

 

   

 

 

   

 

 

 

Shares outstanding

    4,050,000       1,500,000       750,000       750,000  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value

  $ 23.59     $ 23.22     $ 23.02     $ 22.83  
 

 

 

   

 

 

   

 

 

   

 

 

 

Shares authorized

    Unlimited       Unlimited       Unlimited       Unlimited  
 

 

 

   

 

 

   

 

 

   

 

 

 

Par value

    None       None       None       None  
 

 

 

   

 

 

   

 

 

   

 

 

 

(a) Investments, at cost — Unaffiliated

  $ 98,758,753     $ 37,201,790     $ 18,987,081     $ 18,729,726  

(b) Investments, at cost — Affiliated

  $ 110,000     $ 10,000     $     $ 30,000  

See notes to financial statements.

 

 

26  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


 

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2022

 

    

iShares
iBonds Dec

2030
Term Treasury
ETF

   

iShares
iBonds Dec

2031
Term Treasury
ETF

 

ASSETS

   

Investments in securities, at value:

   

Unaffiliated(a)

  $ 75,774,566     $ 4,367,820  

Affiliated(b)

    320,000        

Cash

    4,718       4,611  

Receivables:

   

Dividends

    59        

Interest

    251,278       23,657  
 

 

 

   

 

 

 

Total assets

    76,350,621       4,396,088  
 

 

 

   

 

 

 

LIABILITIES

   

Payables:

   

Investment advisory fees

    3,026       239  
 

 

 

   

 

 

 

Total liabilities

    3,026       239  
 

 

 

   

 

 

 

NET ASSETS

  $ 76,347,595     $ 4,395,849  
 

 

 

   

 

 

 

NET ASSETS CONSIST OF:

   

Paid-in capital

  $ 80,970,835     $ 4,834,536  

Accumulated loss

    (4,623,240     (438,687
 

 

 

   

 

 

 

NET ASSETS

  $ 76,347,595     $ 4,395,849  
 

 

 

   

 

 

 

Shares outstanding

    3,650,000       200,000  
 

 

 

   

 

 

 

Net asset value

  $ 20.92     $ 21.98  
 

 

 

   

 

 

 

Shares authorized

    Unlimited       Unlimited  
 

 

 

   

 

 

 

Par value

    None       None  
 

 

 

   

 

 

 

(a) Investments, at cost — Unaffiliated

  $ 80,426,205     $ 4,797,389  

(b) Investments, at cost — Affiliated

  $ 320,000     $  

See notes to financial statements.

 

 

I N A N C I A L    T A T E M E N T  S

  27


 

Statements of Operations (unaudited)

Six Months Ended April 30, 2022

 

    

iShares
iBonds Dec

2022
Term Treasury
ETF

    iShares
iBonds Dec
2023
Term Treasury
ETF
   

iShares
iBonds Dec

2024
Term Treasury
ETF

   

iShares

iBonds Dec

2025
Term Treasury
ETF

 

INVESTMENT INCOME

       

Dividends — Affiliated

  $ 1,175     $ 460     $ 155     $ 120  

Interest — Unaffiliated

    45,147       150,886       372,918       289,096  

Securities lending income — Affiliated — net

    846       250       288       85  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

    47,168       151,596       373,361       289,301  
 

 

 

   

 

 

   

 

 

   

 

 

 

EXPENSES

       

Investment advisory fees

    21,611       21,927       25,171       16,765  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

    21,611       21,927       25,171       16,765  

Less:

       

Investment advisory fees waived

    (730     (166     (53     (81
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived

    20,881       21,761       25,118       16,684  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    26,287       129,835       348,243       272,617  
 

 

 

   

 

 

   

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

       

Net realized gain (loss) from:

       

Investments — Unaffiliated

    (35     (141,486     (190,935     (340,785

In-kind redemptions — Unaffiliated

    (53,599     (129,629           (77,351
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized loss

    (53,634     (271,115     (190,935     (418,136
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

       

Investments — Unaffiliated

    (146,659     (1,032,214     (3,036,733     (3,242,255
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation)

    (146,659     (1,032,214     (3,036,733     (3,242,255
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized loss

    (200,293     (1,303,329     (3,227,668     (3,660,391
 

 

 

   

 

 

   

 

 

   

 

 

 

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ (174,006   $ (1,173,494   $ (2,879,425   $ (3,387,774
 

 

 

   

 

 

   

 

 

   

 

 

 

See notes to financial statements.

 

 

28  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


 

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2022

 

    

iShares
iBonds Dec

2026
Term Treasury
ETF

   

iShares
iBonds Dec

2027
Term Treasury
ETF

   

iShares
iBonds Dec

2028
Term Treasury
ETF

   

iShares
iBonds Dec

2029
Term Treasury
ETF

 

INVESTMENT INCOME

       

Dividends — Affiliated

  $ 38     $ 18     $ 9     $ 27  

Interest — Unaffiliated

    285,250       178,074       102,297       82,561  

Securities lending income — Affiliated — net

    214       213             98  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

    285,502       178,305       102,306       82,686  
 

 

 

   

 

 

   

 

 

   

 

 

 

EXPENSES

       

Investment advisory fees

    14,319       10,845       6,378       5,913  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

    14,319       10,845       6,378       5,913  

Less:

       

Investment advisory fees waived

    (21     (19     (9     (36
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived

    14,298       10,826       6,369       5,877  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    271,204       167,479       95,937       76,809  
 

 

 

   

 

 

   

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

       

Net realized gain (loss) from:

       

Investments — Unaffiliated

    (227,686     (521,122     (298,648     (636,989

In-kind redemptions — Unaffiliated

                      (34,936
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized loss

    (227,686     (521,122     (298,648     (671,925
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

       

Investments — Unaffiliated

    (3,558,867     (1,978,232     (1,277,467     (867,623
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation)

    (3,558,867     (1,978,232     (1,277,467     (867,623
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized loss

    (3,786,553     (2,499,354     (1,576,115     (1,539,548
 

 

 

   

 

 

   

 

 

   

 

 

 

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ (3,515,349   $ (2,331,875   $ (1,480,178   $ (1,462,739
 

 

 

   

 

 

   

 

 

   

 

 

 

See notes to financial statements.

 

 

I N A N C I A L    T A T E M E N T  S

  29


 

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2022

 

     iShares
iBonds Dec
2030
Term Treasury
ETF
    iShares
iBonds
Dec 2031
Term Treasury
ETF
 

INVESTMENT INCOME

   

Dividends — Affiliated

  $ 112     $  

Interest — Unaffiliated

    247,928       26,144  

Securities lending income — Affiliated — net

    19       45  
 

 

 

   

 

 

 

Total investment income

    248,059       26,189  
 

 

 

   

 

 

 

EXPENSES

   

Investment advisory fees

    9,913       1,139  
 

 

 

   

 

 

 

Total expenses

    9,913       1,139  

Less:

   

Investment advisory fees waived

    (39     (1
 

 

 

   

 

 

 

Total expenses after fees waived

    9,874       1,138  
 

 

 

   

 

 

 

Net investment income

    238,185       25,051